Real Goods Solar Inc. (RSOL, Financial) filed Quarterly Report for the period ended 2009-03-31.
REAL GOODS SOLAR Inc. is a leading residential solar energy integrator. Real Goods Solar offers turnkey solar energy services and has thirty years of experience in residential solar energy beginning with the sale in 1978 of the first solar photovoltaic or PV panels in the United States. Real Goods Solar Inc. has a market cap of $33.8 million; its shares were traded at around $2.15 with and P/S ratio of 0.9.
Gross profit. Gross profit increased $0.5 million, or 25.3%, to $2.3 million during the first quarter of 2009 from $1.8 million during the first quarter of 2008. As a percentage of net revenue, gross profit decreased to 24.2% during the first quarter of 2009 from 28.0% during the first quarter of 2008. The decrease in gross profit percentage partially reflects the consolidation of acquisitions which have traditionally produced lower gross profit margins.
General and administrative expenses. General and administrative expenses increased $167,000 to $437,000 during the first quarter of 2009 from $270,000 during the first quarter of 2008. As of percentage of net revenue, general and administrative expenses increased to 4.6% during the first quarter of 2009 from 4.1% during the first quarter of 2008, reflecting an increase in our infrastructure to support our recent acquisitions, severance costs from a reduction in work force, and incremental costs associated with being a public company.
Net loss attributable to Real Goods Solar, Inc. As a result of the above factors, net loss attributable to Real Goods Solar, Inc. increased $1.1 million to $1.4 million during the first quarter of 2009 from $0.3 million during the first quarter of 2008. Net loss per share attributable to our shareholders increased $0.05 per share to a net loss of $0.08 per share during the first quarter of 2009 from $0.03 per share during the first quarter of 2008.
Investing activities. Our investing activities used net cash of $21,000 and $2.9 million during the first quarters of 2009 and 2008, respectively. Our cash used in investing activities during the first quarter of 2009 was used to acquire property and equipment. The cash used in investing activities during the first quarter of 2008 was used primarily to acquire Carlson Solar on January 1, 2008 for a net $2.9 million.
Financing activities. Our financing activities provided net cash of $1.3 million and $6.3 million during the first quarters of 2009 and 2008, respectively. The financing provided during the first quarters of both 2009 and 2008 primarily reflects borrowings from Gaiam which were used to fund our daily operations and acquire Carlson Solar in January 2008. Each month we repay the balance owed to Gaiam as of the previous month end. The first quarter of 2008 also reflects prepayments of initial public offering fees of $0.5 million that ultimately were offset against the proceeds from the consummation of our initial public offering in May 2008.
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REAL GOODS SOLAR Inc. is a leading residential solar energy integrator. Real Goods Solar offers turnkey solar energy services and has thirty years of experience in residential solar energy beginning with the sale in 1978 of the first solar photovoltaic or PV panels in the United States. Real Goods Solar Inc. has a market cap of $33.8 million; its shares were traded at around $2.15 with and P/S ratio of 0.9.
Highlight of Business Operations:
Net revenue. Net revenue increased $3.0 million, or 45.1%, to $9.5 million during the first quarter of 2009 from $6.6 million during the first quarter of 2008. This increase in net revenue is primarily the result of our acquisitions of Independent Energy Systems in the third quarter of 2008 and Regrid Power in the fourth quarter of 2008.Gross profit. Gross profit increased $0.5 million, or 25.3%, to $2.3 million during the first quarter of 2009 from $1.8 million during the first quarter of 2008. As a percentage of net revenue, gross profit decreased to 24.2% during the first quarter of 2009 from 28.0% during the first quarter of 2008. The decrease in gross profit percentage partially reflects the consolidation of acquisitions which have traditionally produced lower gross profit margins.
General and administrative expenses. General and administrative expenses increased $167,000 to $437,000 during the first quarter of 2009 from $270,000 during the first quarter of 2008. As of percentage of net revenue, general and administrative expenses increased to 4.6% during the first quarter of 2009 from 4.1% during the first quarter of 2008, reflecting an increase in our infrastructure to support our recent acquisitions, severance costs from a reduction in work force, and incremental costs associated with being a public company.
Net loss attributable to Real Goods Solar, Inc. As a result of the above factors, net loss attributable to Real Goods Solar, Inc. increased $1.1 million to $1.4 million during the first quarter of 2009 from $0.3 million during the first quarter of 2008. Net loss per share attributable to our shareholders increased $0.05 per share to a net loss of $0.08 per share during the first quarter of 2009 from $0.03 per share during the first quarter of 2008.
Investing activities. Our investing activities used net cash of $21,000 and $2.9 million during the first quarters of 2009 and 2008, respectively. Our cash used in investing activities during the first quarter of 2009 was used to acquire property and equipment. The cash used in investing activities during the first quarter of 2008 was used primarily to acquire Carlson Solar on January 1, 2008 for a net $2.9 million.
Financing activities. Our financing activities provided net cash of $1.3 million and $6.3 million during the first quarters of 2009 and 2008, respectively. The financing provided during the first quarters of both 2009 and 2008 primarily reflects borrowings from Gaiam which were used to fund our daily operations and acquire Carlson Solar in January 2008. Each month we repay the balance owed to Gaiam as of the previous month end. The first quarter of 2008 also reflects prepayments of initial public offering fees of $0.5 million that ultimately were offset against the proceeds from the consummation of our initial public offering in May 2008.
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